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Soaring temperatures fuel hopes for recovery
9:22am Friday 16th August 2013 in Business news
SOARING temperatures boosted sales of food, alcohol and clothing in July to fuel hopes over the recovery in consumer spending.
Retail sales rose 1.1 per cent in July on a month earlier and were up three per cent on July 2012 – the steepest rise for two and a half years – driven by soaring sales at supermarkets and department stores. The heatwave saw shoppers stock up on barbecue goods to drive food sales volumes 2.1 per cent higher on a year earlier, the sharpest rise in more than two years, figures from the Office for National Statistics (ONS) showed.
The 1.1 per cent gain was well ahead of economists’ average hopes for a 0.7 per cent month-on-month increase and will add to hopes that overall third-quarter GDP growth can exceed the 0.6 per cent gain seen in the April to June quarter. It was the third consecutive rise in month-on-month retail sales, following Junes 0.2 per cent increase.
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